MUFG Investor Services, the global asset servicing unit of Japan’s Mitsubishi UFJ Financial Group, has agreed to acquire UBS Global Asset Management’s alternative fund services (AFS) business.

Terms of the deal were not disclosed. However, citing undisclosed sources Nikkei reported that the Japanese firm may pay nearly JPY30bn ($240m).

The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the fourth quarter of 2015.

The deal will more than double Mitsubishi UFJ Trust & Banking Corporation’s assets under administration to $260bn, Yasufumi Tominaga, a Tokyo-based spokesman for MUFG Investor Services told Bloomberg.

Mitsubishi UFJ Trust and Banking Corporation group head of integrated trust assets business group and deputy president Junichi Okamoto said: "AFS’ strong client franchise, global footprint, and notably its strong presence in Asia, are an excellent strategic fit.

"We are confident that our clients will benefit from the depth of combined resources and capabilities and from our commitment to innovation, coupled with AFS’ market-leading technology platform. We welcome AFS to our growing business and look forward to continuing to provide our clients with best-in-class service."

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